Motivated by, but independent of, some recent work in quantum stochastic calculus, a theory of differential and integral calculus is developed which is intrinsic to the universal enveloping algebra of a Lie algebra whose Lie bracket is obtained by taking commutators in an associative algebra. The differential map satisfies a generalisation of Leibniz' formula called the Leibniz–Itô formula, which involves the associative multiplication. There is an analogue of the Taylor–Maclaurin expansion. Through passing to formal power series, a theory of product integrals is developed; such integrals are characterised by a group-like property with respect to the coproduct.